Riding the redundancy train

Predictions that 26% of UK organisations were likely to make redundancies this year are coming true - redundancies have indeed continued to rise throughout 2023. There’s no denying the current economic landscape is stretching both businesses and individuals to their limits. Not to mention the repercussions of an ever-decreasing shelf life on employee skills, as tech advancement gallops on.

Whether it’s the kind of jobs we tend to do, or the flexible working patterns necessitated by our caring responsibilities, it seems that in this wave of job losses women are disproportionately affected. Research on women in the tech industry, for example, found they were 65% more likely to be impacted and need support to transition into new roles.

Redundancy can affect our lives in a number of ways. Of course, there’s the financial shock, but there’s a significant and insidious emotional burden to bear too. 70% of women report that redundancy impacts their confidence, self-assurance and ability to adequately negotiate when it comes to their next role . That is a huge confidence deficit that needs filling if we are to keep our workforce enriched by valuable, talented women. It’s also something organisations should be considering when off-boarding employees. We have a collective responsibility to nurture the marginalised talent in our workforce - even when the time comes to let them go. A supportive offboarding process can also protect businesses from kickback – from lawsuits to ‘bad press.’

Allbright CEO Viv Paxinos had this to say on her own experience of redundancy:

“I went through redundancy a few years ago, and it was such a difficult period. You can’t help but take it personally, question if there’s anything you could have done differently. I now find solace in the fact that we are all where we need to be, and I know that anyone that is going through redundancy will land somewhere bigger and better.” ?

For women going through redundancy, having the opportunity to upskill is more important than ever. This is why, as businesses restructure and laid off workers try to revive their careers, AllBright are working to create meaningful solutions, connecting women with their full potential and ensuring businesses support women during periods of change and challenge. The upcoming Phoenix programme is a prime example, designed to equip women with the confidence, resilience and skills to rise like the mythical phoenix and face the next chapter of their professional lives stronger than ever. The idea is to create programmes that are more than the sum of their parts; more than the coaching, workshops and connections. To truly support women, these programmes need to be transformative journeys. After all, it takes more than just words of reassurance and inspirational talk of a new chapter to empower women to pick themselves up after redundancy. It takes a comprehensive approach of re-skilling, coaching, networking and confidence building.

If you’re going through a redundancy, or fear it's on the cards and want to prepare, here are some top tips:

Embrace the power of positivity

It’s easier said than done, but there is huge power in practicing positivity. The idea is to teach yourself to see every setback as an opportunity. Perhaps you’ll struggle at first – and that’s more than okay – but with persistence you’ll start to see that the evidence speaks for itself.

Network, network, network

When your confidence is low, standing in a room full of people you don’t know can be the last thing you want to do. It’s hard to put yourself out there at the best of times, but remember, your next opportunity is just a connection away. If you’re feeling vulnerable, buddy up with a friend or colleague you trust and get out there together – a little moral support can go a long way.

Don’t be afraid to pivot

The world is changing rapidly, every which way. A huge part of success in the modern workplace is going to be adaptability. So, don’t hold yourself back. Let your imagination run riot. In the post-redundancy pause you might find great innovation. Try to sit quietly with yourself and see what comes in.

Self-care is a non-negotiable

After being laid off, your first instinct might be to do rather a lot of beating yourself up. You know that’s not going to help, so take that age old advice and treat yourself as you’d treat a good friend. Give yourself a break, do something you enjoy, and take time to recharge. It will help you build the strength and self-esteem to take your next step.

Upskill yourself

As we said, the world is changing fast, so there’s never been a more crucial time to invest in your personal and professional development. In the immediate aftermath of losing your job, it might not be so high on the agenda – that's why the rest and recuperate part is important. If you can give yourself a little time, space and kindness, you might find better clarity around how to move forward and the get-up-and-go to get on.